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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInRipple, SEC make final bids for a quick win in XRP lawsuit | Reuters
Ripple and the U.S. Securities and Exchange Commission accused one another of stretching the law, as they argued for a ruling on whether the XRP, the world’s seventh-largest cryptocurrency, is a security. Both sides urged U.S. District Judge Analisa Torres to rule in their favor without sending the case to trial in papers filed on […]
Wall Street Veteran Is the Face of Crypto in Ripple-SEC Fight
Stuart Alderoty is giving the US Securities and Exchange Commission its toughest fight against crypto regulation in one of the industry’s most important tests, even as the FTX debacle grips the world of digital assets. Alderoty, a 63-year-old lawyer, has spent most of his career working for traditional financial players. As chief legal officer for […]
Crypto and SPACs are a Doomed Match in the Eyes of the SEC – Bloomberg
Banker Bob Diamond was forced to pull the ripcord this week on his attempt to take stablecoin issuer Circle Internet Financial public via a special purpose acquisition company. The ex-Barclays Plc boss’s dealmaking ability probably wasn’t the issue. Nor was the target’s financial performance: Circle earns interest income on the reserves that backstop its stablecoin USDC, and rising interest […]
ABB Settles SEC Charges that it Engaged in Bribery Scheme in South Africa
The Securities and Exchange Commission today announced charges against global electrification and automation technology company, ABB Ltd, for violations of the Foreign Corrupt Practices Act (FCPA) arising out of a bribery scheme in South Africa. The company has agreed to pay a $75 million civil penalty to settle the SEC’s charges. The SEC’s order finds […]
AT&T to Pay $6 Million to SEC Over Private Calls to Analysts – Bloomberg
AT&T Inc. agreed to pay a $6.25 million penalty to settle an unusual lawsuit by federal regulators claiming its executives selectively disclosed nonpublic information about the company’s finances to Wall Street analysts. The telecommunications giant won’t admit or deny the US Securities and Exchange Commission allegations under a settlement proposal filed Friday by government lawyers […]
SEC Enforcement Director and SDNY/EDNY Officials Address Enforcement Priorities | Corporate Defense and Disputes
Director Grewal stated that his mission is to restore public trust in the securities markets through proactive enforcement efforts…. *** Focusing on emerging risk areas. Director Grewal mentioned three such areas: Private funds, where “opacity” is “concerning,” including as to fees and expenses, conflicts of interest, and fraud; Crypto, an area where he said recent […]
SEC Charges Additional Parties in Fraudulent Office Space Investment Scheme
The Securities and Exchange Commission today filed charges against James Robinson and David Kennedy in connection with an investment scheme that defrauded investors out of more than $57 million. The SEC previously charged the principal of the scheme and associated entities with securities fraud. The SEC alleges that between approximately September 2015 and July 2016, […]
Fort Worth Regional Director David L. Peavler to Leave SEC
The Securities and Exchange Commission today announced that David L. Peavler, the Director of the Fort Worth Regional Office since 2019, is leaving the agency after more than 19 years of service. Eric R. Werner and Marshall Gandy will serve as the office’s Co-Acting Regional Directors when Mr. Peavler departs. Source: SEC.gov | Fort Worth […]
$20 million SEC whistleblower award goes to Phillips & Cohen’s client | Phillips & Cohen
The Securities and Exchange Commission issued a $20 million whistleblower award to a whistleblower represented by Phillips & Cohen LLP. The SEC does not reveal whistleblowers’ identities with very limited exceptions. Phillips & Cohen’s client has chosen to remain anonymous. Phillips & Cohen’s client “played a crucial role in the ultimate success of the enforcement […]
Sorry, Nancy Pelosi: Lawmakers Shouldn’t Be Stock Traders – Bloomberg
Now, with barely a month left in the current session, members of Congress should put their money where their mouths are. The simplest and most transparent solution is to ban lawmakers and their immediate families from holding stocks at all. Although that’s unlikely to fly, a requirement to put any investment assets in a blind […]